To protect themselves from falling in value, many Turks have invested in everything that seemed safe.
Istanbul If you wanted to lose your savings this year, you only had to invest in the Turkish lira. The country’s currency lost more than 50 percent of its value against the euro and US dollar between January and mid-December.
To protect themselves from falling in value, however, many Turks have invested in everything that seemed safe: homes, used cars, Bitcoin, gold – and stocks. The leading Turkish index, Bist100, rose almost as strongly as the lira depreciated. Between the beginning of October and December 16, the increase was 60 percent.
Other indices around the world did even better. The MSE Top 20 Index, which is the leading index of the stock exchange in Mongolia, achieved a plus of 113 percent, followed by the Abu Dhabi stock exchange (plus 77 percent) and the Sri Lanka Colombo All Share Index (plus 73 percent).
Read on now
Get access to this and every other article in the
Web and in our app for 4 weeks free of charge.
Continue
Read on now
Get access to this and every other article in the
Web and in our app for 4 weeks free of charge.
Continue